DEN HUL: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
DEN HUL
Largest movements
- Financial fixed assets -€2.9m
down €2.9m (-100.0%), from €2.9m to €0
- Receivables within one year +€1.7m
up €1.7m (+1608.2%), from €106,714 to €1.8m
of which Other amounts receivable: +€1.7m
- Receivables after one year +€1.3m
up €1.3m (+79.0%), from €1.6m to €2.9m
- Current investments -€1.0m
down €1.0m (-16.6%), from €6.2m to €5.2m
- Contributions -€3.0m
down €3.0m (-25.8%), from €11.7m to €8.7m
- Profit (loss) carried forward +€2.2m
up €2.2m (+54.1%), from €4.0m to €6.2m
- Financial income +€3.2m
up €3.2m (+1413.2%), from €224,471 to €3.4m
of which Non-recurring financial income: +€3.0m
- Gross operating margin -€31,314
down €31,314, from €7,016 to -€24,298
- Taxes +€9,216
up €9,216, from €0 to €9,216
- Depreciation -€311
down €311 (-0.6%), from €50,150 to €49,839
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €15,888,785 | €15,080,145 | -€808,639 | -5.1% |
| Fixed assets | 21/28 | €7,840,316 | €4,911,866 | -€2.9m | -37.4% |
| Tangible fixed assets | 22/27 | €4,960,006 | €4,911,866 | -€48,140 | -1.0% |
| Land and buildings | 22 | €4,960,006 | €4,911,866 | -€48,140 | -1.0% |
| Financial fixed assets | 28 | €2,880,310 | €0 | -€2.9m | -100.0% |
| Current assets | 29/58 | €8,048,468 | €10,168,279 | +€2.1m | +26.3% |
| Amounts receivable after more than one year | 29 | €1,610,000 | €2,881,395 | +€1.3m | +79.0% |
| Other amounts receivable | 291 | €1,610,000 | €2,881,395 | +€1.3m | +79.0% |
| Amounts receivable within one year | 40/41 | €106,714 | €1,822,872 | +€1.7m | +1608.2% |
| Trade receivables | 40 | €395 | €0 | -€395 | -100.0% |
| Other amounts receivable | 41 | €106,319 | €1,822,872 | +€1.7m | +1614.5% |
| Current investments | 50/53 | €6,232,161 | €5,194,769 | -€1.0m | -16.6% |
| Cash at bank and in hand | 54/58 | €17,244 | €84,003 | +€66,759 | +387.2% |
| Deferred charges and accrued income | 490/1 | €82,350 | €185,240 | +€102,890 | +124.9% |
| Total equity and liabilities | 10/49 | €15,888,785 | €15,080,145 | -€808,639 | -5.1% |
| Equity | 10/15 | €15,888,785 | €15,035,145 | -€853,639 | -5.4% |
| Contributions | 10/11 | €11,700,000 | €8,680,749 | -€3.0m | -25.8% |
| Reserves | 13 | €188,600 | €188,600 | = | 0.0% |
| Distributable reserves | 133 | €188,600 | €188,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,000,185 | €6,165,796 | +€2.2m | +54.1% |
| Amounts payable | 17/49 | - | €45,000 | +€45,000 | |
| Amounts payable within one year | 42/48 | - | €45,000 | +€45,000 | |
| Other amounts payable | 47/48 | - | €45,000 | +€45,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,150 | €49,839 | -€311 | -0.6% |
| Other operating charges | 640/8 | €21,494 | €21,481 | -€13 | -0.1% |
| Gross operating margin | 9900 | €7,016 | -€24,298 | -€31,314 | |
| Operating profit (loss) | 9901 | -€64,628 | -€95,619 | -€30,991 | -48.0% |
| Financial income | 75/76B | €224,471 | €3,396,589 | +€3.2m | +1413.2% |
| Recurring financial income | 75 | €224,471 | €421,975 | +€197,504 | +88.0% |
| Non-recurring financial income | 76B | - | €2,974,614 | +€3.0m | |
| Financial charges | 65/66B | €168 | €204 | +€36 | +21.2% |
| Recurring financial charges | 65 | €168 | €204 | +€36 | +21.2% |
| Profit (loss) for the period before taxes | 9903 | €159,676 | €3,300,767 | +€3.1m | +1967.2% |
| Income taxes | 67/77 | €0 | €9,216 | +€9,216 | |
| Profit (loss) for the period | 9904 | €159,676 | €3,291,551 | +€3.1m | +1961.4% |
| Profit (loss) for the period to be appropriated | 9905 | €159,676 | €3,291,551 | +€3.1m | +1961.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.